It’s Budget time again with Chancellor Philip Hammond set to unveil what money will be spent and where it will be saved over the coming year.

Only small possible details were revealed in advance of the speech, including a raft of measures to lure young voters including 300,000 new homes a year, a freeze on tuition fees and expansion of the discount railcard scheme to under 30s.

He is also going to “invest to secure a brighter future for Britain” with driverless cars and £1,000 pots for schools that have fallen behind.

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Budget: How will this effect you?

So there we have - the Chancellor has played his cards and is undoubtedly looking to win over the younger generation.

But what do you make of the budget? How do you think it will have an impact on your life?

Get in touch with you Budget reaction by commenting below, or by emailing newsdesk@grimsbytelegraph.co.uk.

14:14

Budget: What have we learned?

But the good news is that borrowing is on the slide.

The country will borrow £8 billion less than first thought this year, £49.9 billion, not the £58.3 billion anticipated.

14:12

Budget: What have we learned?

Mr Hammond did his best to throw in the odd joke to soften the blow but it’s clear now that the UK economy is rather weaker than we thought back in March.

As the country prepares to exit the EU, growth is expected to slow over the next three years.

For the first time in modern memory, forecasts for growth are below 2 per cent for the next four years.

14:04

Budget: A summary of key points

- Forecast for further 600,000 people in work by 2022.

- Borrowing is forecast to be £49.9 billion this year - £8.4 billion lower than forecast at the Spring Budget.

- Fresh support for electric vehicles via the establishment of a new £400m charging infrastructure kitty, £100 million pledge for a ‘Plug-In-Car Grant’, and £40 million for charging R&D.

- From April, the first year vehicle excise duty rate for diesel cars that don’t meet the latest standards will go up by one band, funding a new £220 million Clean Air Fund.

- An extra £20 million to support further education colleges to prepare to deliver T-levels and £40 million to train maths teachers.

- National Living Wage to rise in April 2018 by 4.4%, from £7.50 an hour to £7.83.

- Tax-free personal allowance to rise to £11,850 and higher rate threshold to £46,350 in April.

- £1.5bn to remove seven-day waiting period for Universal Credit.

- Short-haul Air Passenger Duty rates and long-haul economy rates to be frozen.

- Stamp duty for all first-time buyer home purchases up to £300,000 is to be abolished.

- £44 billion of capital funding over five years to build 300,000 homes by mid 2020s.

- NHS: £350million immediately to allow health trusts to plan for this winter.

- A total additional commitment of £2.8billion made to the NHS in England with £1.6 billion in 2018/19 and the balance in 2019/20.

- An increase of duties on white ciders from 2019, but duties on other ciders, wines, spirits and beer will be frozen.

- Cigarette duty to continue to rise at plus two per cent of inflation.

13:49

Budget: Corbyn hits back

Labour leader Jeremy Corbyn condemned the Budget, saying it was a “record of failure with a forecast of more to come” .

He says “a lot of people will be no better off”.

13:48

Budget: A promise to next generation of homeowners

Mr Hammond says he wants to deliver on the promises made to younger Britons around the country.

He said: “To the next generation, the dream of home ownership will become a reality in this country once again”.

13:43

Budget: Tories cheer

As Hammond finishes his autumn budget speech, rapturous cheers could be heard from the benches.

The measures have been whole-heatedly welcomed by his Conservative peers.

13:41

Budget: Britain will be 'fit for the future'

In concluding, Mr Hammond has passionately pledged to build a Britain “fit for the future”.

13:40

Budget: Stamp duty abolished

Stamp duty has been scrapped by the Chancellor.

He has put an end to stamp duty on all purchases made by first time buyers under cost of £300,000. Hammond says 80 per FTBs will not pay any stamp duty at all.

13:39

Budget: additional housing measures

Other housing measures include:

- £630m small sites fund

- £2.7bn to double the Housing Infrastructure Fund

- £400m for estate regeneration

- £8bn of new financial guarantees to support private house-building

- Additional £34m to develop construction skills

13:37

Budget: Review of land for housing

Oliver Letwin will be the chair of a review of how land is being used for housing.

It will be presented in the Spring, in time for the financial statement then.

Hammord says that if necessary, the government will take powers to intervene to ensure land is used for housing.

13:36

Budget: £44 billion for housing

Hammond: “Over next 5 years we’ll commit a total of at least £44 billion capital funding, loans and guarantees to support housing market”.

This is hoped to support house-building and deliver 300,000 new homes a year, says the Chancellor.

13:34

Budget: Money for Grenfell

Grenfell’s local council will be given a further £28 million for mental health services and regeneration support for the area.

Following the tragic fire Mr Hammond also promises the Government “will not let financial constraints get in the way of essential fire safety work” on tower blocks elsewhere in the country.

13:30

Pledge to eliminate rough sleepers

Councils will now be able to charge a 100 per cent premium on council tax on empty properties.

And turning to the issue of rough sleepers, Mr Hammond has pledged to establish a “homelessness task force”, with a view to eliminating rough sleeping by 2027.

13:28

Tax for sales abroad

Now on to new taxes for digital companies. Income tax will be applied to sales abroad.

All online market places will be jointly liable with sellers for VAT.

13:27

Savings for businesses over rates

Turning to business rates, Mr Hammond says he has “listened to concerns” about the costs of uprating business rates. Therefore he says he will bring forward the uplifting of this by the CPI inflation index not RPI.

And two years early than scheduled, it will switch to CPI in April.

This move is hoped to save business £2.3 billion, he says.

13:24

Welcome investment for NHS

The NHS to get an extra £10 billion of capital investment over this current parliament, as well as a £3.75 billion boost this year for its current budget.

A portion of cash worth £2.8 billion will be for the NHS in England specifically and Hammond added he will provide extra funding for NHS pay in the future.

13:22

Cigaratte tax continues to rise

The chancellor confirms that tobacco tax will continue to inflate at plus 2 per cent of the rate. That could see the cost of cigarettes rise by about 6 per cent.

13:21

New 26-30 railcard

A new rail card for people aged 26-30 will give 4.5m more people a third off their rail fares.

Hammond: “I can announce a new railcard for those aged 26-30”.

13:19

More tax freezes - now for air travel

From the start of the new financial year in April,the Chancellor will freeze short-haul air passenger duty and long-haul APD for economy passengers.

But for this to be funded there will be an increase on taxes for private jets.

13:17

Beer tax freeze

Tax duties on other ciders, wines, spirits and on beer will be frozen.

Hammond: “Alcohol duty on ciders, wines, spirits and on beer will be frozen”.

13:16

Tax threshold hike

The basic rate income tax threshold is to go up to £11,850 in April 2018. The higher rate threshold will also rise to £46,350.

13:15

National living wage to go up

From April the national living wage will rise by 4.4 per cent from £7.50 an hour to £7.83. It comes as it was revealed that income inequality today is at its lowest level for 30 years. The top one per cent are paying more in income tax than at any time under Labour, Mr Hammond says.

13:13

Universal credit to be made 'more generous'

As people feel more and more pressure on their budgets, Mr Hammond has revealed an overhaul of Universal Credit.

A £1.5 billion package will come in to cut the waiting period for payments and to make it easier for claimants to receive an advance.

13:11

More cash for Scotland, Wales and NI

There’s more money heading across the borders. £2 billion is being pledged to the Scottish government, £1.2 billion to the Welsh Assembley, with £650 million heading to Northern Ireland.

13:09

Trains to get digital makeover

Next up is an announcement worth £30m to improve digital connectivity on the trans-Pennine route train route.

There will also be an investment in Redcar, and more than £1 billion of lending will be available to local council and authorities to fund high-ticket investment projects.

13:07

New tax for diesel drivers

Road tax for diesel cars that do not meet latest standards is to rise in April and the existing diesel supplement in Company Car Tax is also going up, the Chancellor has confirmed.

13:06

investment for teaching and maths

Measures to promote maths teaching will be introduced.

Schools will be offered £600 for every extra pupil taking A-level maths to improve Britain’s skills after Brexit.

This is part of a £180million investment package in maths teaching. Mr Hammond argues that better workplace maths skills are necessary to ensure the UK “remains a competitive force in the global marketplace”.

13:02

Plastic tax?

The chancellor says he will look to explore new taxes on plastic waste - an issue highlighted by the BBC’s recent Blue Planet 2 show

13:00

New tech investment

Mr Hammond says he is investing over £500m “in a range of initiatives from artificial intelligence, to 5G and full fibre broadband”.